The $156 million deal includes 51 retail locations and seven dealer supply accounts in New York City and 46 retail locations in the Maryland/Washington, D.C., market.
Capitol Petroleum Group (CPG) has divested a large portion of its portfolio to Global Partners LP in a $156 million deal that includes 97 Mobil- and Exxon-branded retail gas stations and seven dealer supply contracts in New York City and Prince George’s County, Md.
Included in the acquisition are some 51 retail locations and seven dealer supply accounts in New York City and 46 retail locations in the Maryland/Washington, D.C., market. In 2014, these assets sold approximately 125 million gallons of fuel. In New York, 45 of the locations are dealer-leased locations and six are commission agents, while in Maryland there are 41 dealer-leased locations and five commission agents. The Raymond James Convenience Store & Fuel Products Distribution Investment Banking team served as advisor to CPG.
“With the conclusion of this transaction, we intend to build upon CPG’s foundation of approximately 200 remaining locations in Washington D.C., Northern Virginia, and New York with acquisitions throughout North America,” said Joe Mamo, CPG’s president and CEO. “We are well positioned for continued strategic growth.”
Founded in 1987 by Eyob “Joe” Mamo, Capitol Petroleum Group (CPG) is a wholesale distributor of petroleum services. CPG began with the purchase of a single Amoco-branded gasoline service station franchise in Washington, D.C., and more than 25 years later, the company has expanded its retail network and owns, operates, or supplies retail sites in Maryland, Virginia, metropolitan Washington, D.C., and the New York City region. CPG is an authorized distributor for Shell, ExxonMobil, Valero, Crown, and Citgo petroleum brands.
